V.6:3 (115-118): Payoff index by Thomas E. Aspray

Item# \V06\C03\PAYOFF.PDF

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Payoff index
by Thomas E. Aspray

In my market analysis, I find the action of the open interest can be very important. Granted in the
financial futures it occasionally gives misleading signals, but these are the exception rather than the rule.
I use two indicators which incorporate the open interest, the Board Watch Trend Indicator and the
Herrick Payoff Index (HPI) developed by John Herrick. I find the HPI is an excellent short- and
long-term tool, though my use and interpretation varies from John's.

HPI is simply a mathematical method of measuring the money flowing in or out of a commodity by
computing the difference in dollar volume each day. The formula, according to the CompuTrac System
Operating Manual, is:

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